if you only read one post this year read this.

First of all to all the doubters (or should I say shareholders lol) I'd hate to say I told you so, but:

"NEW YORK/LONDON, Oct 22 (Reuters) - Copper's losses deepened in late business on Wednesday, slumping by 10 percent as stock markets tumbled and fears of recession gripped the complex, spurring additional deleveraging in the industrial metal.

"There's no sign of a bottom," said David Rinehimer, director of Citi Futures Perspective in New York. "It's moving closely with the equity markets. That's the way the price pattern has been lately ... equities go down a lot, copper goes down."

Copper stocks in LME warehouses rose 1,850 tonnes to 207,750 -- about 90 percent above the lows for this year seen in May and accounting for just over four days of global consumption.

Copper for December delivery HGZ8 fell further in after-hours trade on the New York Mercantile Exchange's COMEX division to as low as $1.8060 per lb, after it had closed 7 percent lower at $1.8655.

"China has not been immune to the global slowdown," BHP said. "We expect volatility and uncertainty to continue in the short term." "

http://www.reuters.com/article/marketsNews/idINLM21488120081022?rpc=44
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My target of below 20 dollars remains intact for next few weeks (maybe even sooner) on BHP, and my ballsy call of 5 dollars by christmas shall remain despite a few naysayers. If it at least hits ten dollars a share I'll be vindicated.

Resources missed the financial crisis as it wasn't really their problem unless they had lending issues. However now the real crisis begins for resource stocks of a USA lead world-wide recession. Resources are the new crisis for Australia and will go from holding up our market comparatively to other countries in the past few months, to now dragging us down relative to less resource/raw-commodity intensive countries IE the USA.

It's not to late to go short. Copper's already fallen 56 percent this year. If it fell from it's current price of 1.86 a pound, to say just above a dollar a pound, how economic do you think a lot of BHP's mines would be.

Other zinc/nickel/ect companies like Oz minerals are already finding this out the hard way. If it becomes uneconomic to dig it out of the ground, you must stop digging at some point.

The base metal market is now heading towards that point across the complex.

Look out below as the blood-bath is just getting started here. Don't forget the soap!

Good luck all.